Pembina Pipeline Corporation Closes First Offering of Preferred Shares

Pembina Pipeline Corporation (“Pembina”) closed its first public offering of preferred shares. Pursuant to the offering, Pembina issued 10,000,000 cumulative redeemable rate reset Class A Preferred Shares, Series 1 for aggregate gross proceeds of $250 million through a syndicate of underwriters co-led by RBC Dominion Securities Inc. and Scotia Capital Inc. and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc.

The net proceeds of the offering were used to partially fund capital projects, to reduce short-term indebtedness – incurred to fund Pembina's capital program – of Pembina under its credit facilities, including expenditures related to expansions of the Cutbank Complex, Resthaven and Saturn projects and the Redwater fractionator expansion, and for other general corporate purposes.

Pembina was represented internally by Jennifer Harkerl, and by Blake, Cassels & Graydon LLP with a team that included Dallas Droppo, Jeff Bakker, Stefan McConnell and Chris Salamon (corporate/securities) and Carrie Aiken (tax).

The underwriting syndicate was represented by Bennett Jones LLP with a team that included David Phillips, Juliamai Giffen and John Lawless (corporate/securities) and Darcy Moch (Tax).